Devonte’ Graham is headed to New Orleans.

The Pelicans are acquiring Graham in a sign-and-trade with the Charlotte Hornets, sources confirmed to SI.com’s All Hornets. Graham is signing a four-year, $47 million deal. In exchange for Graham, the Hornets will receive a lottery-protected 2022 first-round pick from New Orleans.

Graham was a restricted free agent after the Hornets extended a $4.7 million qualifying offer to him prior to Sunday's deadline, something they didn't do with Malik Monk.   

Originally selected in the second round in 2018, Graham carved out a role with the Hornets and quickly burst onto the scene in his second season, posting 18.2 points per game and getting named to the Rising Stars Challenge.

Graham battled injuries last season, playing in 55 of the shortened-season’s 72 games. He averaged 14.8 points, 5.4 assists and 2.7 rebounds, but his shooting percentages took a dip. He made 37.7 of his attempts, dropping from the 38.2 percent he posted in 63 games in 2019-20.

Graham’s departure leaves the Hornets with roughly $13 million in cap space to use in free agency. It could also be used to absorb salary in a multi-team trade.

The Athletic first reported the deal.